The Australian share market has tipped fresh 14 month highs to be 0.8 per cent up at noon following positive leads from Wall Street after better than expected US retail data.
The S&P/ASX 200 index is 32 points up at 4,515. On the futures market the SPI is 33 points higher.
Company news
Telstra Corporation Limited (ASX:TLS) expects to achieve cash flow of between $4.75 and $5.25 billion for the current financial year. CEO David Thodey says the telco is well positioned to post income and earnings in the low single digit percentages for the period. Despite forecasting income and earnings growth, Telstra expects dividend payments to remain flat at 28 cents for fiscal 2013. Shares in Telstra are trading up 0.51 per cent at $3.96.
Mount Gibson Iron Limited (ASX:MGX) is reportedly involved in a dispute with Chinese group Rizhao, relating to a failure to comply with the resolution of a previous dispute. According to News Limited reports, Rizhao has accused Mount Gibson of failing to meet a proposed shipping schedule outlined after Rizhao defaulted on iron ore contracts throughout the global financial crisis. Mt. Gibson told News Limited that it does not consider the potential termination of its agreement with Rizhao to have any adverse financial impact, given the availability of other buyers. Shares in Mount Gibson are trading down 1.85 per cent at $0.66.
Best and worst performers
The best performing sector is Financials excluding real estate investment trusts gaining 61 points to 5,401. Shares in Lend Lease Group (ASX:LLC) have risen 3.91 per cent and trading at $8.51. Shares in AMP Limited (ASX:AMP) and National Australia Bank Limited (ASX:NAB) are also stronger so far today.
The worst performing sector is Materials, falling 22 points to 10,004. Shares in Regis Resources Limited (ASX:RRL) have fallen 3.21 per cent, trading at $5.13. Shares in Lynas Corporation Limited (ASX:LYC) and Integra Mining Limited (ASX:IGR) are also lower at midday.
Gold and the dollar
Gold is trading at $US1,737 an ounce and the Australian dollar is buying $US1.026.
